Contrast Media Market Analysis, Top Players, Target Audience and Forecast By 2030
Contrast media substances or agents assist in increasing the contrast of structures or fluids of the body during medical imaging. They enhance the visibility of blood vessels. The global Contrast Media Market is anticipated to grow at a CAGR of 6.3% during the assessment period of 2022-2030, asserts Market Research Future (MRFR) in a detailed research report.
Rising prevalence of various chronic diseases, increasing burden of cancer, and hike in mortality rates on a global scale which generates high demand for diagnosis and image-guided procedures. Contrast media finds application in diverse modalities such as ultrasound, MRI scans, x-rays and in cath lab procedures.
Unlike x-rays, contrast agents are associated with fewer adverse drug reactions. The favorable safety profile of contrast media makes them the preferred choice for medical imaging purposes as they can even be used to diagnose pregnant women without any side effects.
Competitive Landscape
The global Contrast Media Market Players such as CMC Contrast AB (Sweden), Bracco Diagnostic Inc. (Italy), Guerbet (Japan), Covidien (Ireland), Subhra Pharma Private Limited (India), Bayer Healthcare Pharmaceuticals (Germany), Daiichi (Japan), GE Healthcare (US), Targeson (US), NanoScan Imaging (US), AMAG Pharmaceuticals (US), Bracco Imaging S.p.A. (Italy), nanoPET Pharma GmbH (Germany), Guerbet Group (France), Lantheus Medical Imaging (U.S.), Medrad Inc (US), and Mallinckrodt Pharmaceuticals (UK).
Segmentation
The global contrast media market has been segmented based on type, procedure, application, and route of administration.
· By type, the market has been segmented into intravenous contrast materials, iodine-based and other.
· By procedure, the market has been segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound and other.
· By application, the market has been segmented into cardiovascular disorders, oncology, nephrological disorders.
· By route of administration, the market has been segmented into rectal, oral, injectable and other.
Regional Analysis
North America, Europe, Asia Pacific, and the Middle East & Africa are the key markets for contrast media. North America dominates the global contrast media market followed by Europe. High healthcare expenditure, usage of technologically advanced medical imaging techniques and the presence of eminent players in the region supports the growth of the market in North America.
The Europe market is driven by high investment in R&D, high government support and concentration of key players in countries such as France, Germany, Italy, and Sweden.
Asia Pacific is poised be the fastest growing market for contrast media due to increasing awareness in the region, the presence of a substantial patient population and high investment in the development of healthcare infrastructure.
Industry Updates
- In November 2018, the U.S. Food and Drug Administration (FDA) approved the clinical use of a magnetic resonance imaging (MRI) scanner which allows spotting pituitary tumors in crushing's patients. The new ultra-high field 7T Terra MRI scanner allows more reliable images of the brain and facilitates identification of very small tumors which standard MRI fails to spot.
- In October 2018, Israeli startup iNNOGING innovated breakthrough in sonography technology. The innovation will enable physicians to manipulate captured ultrasound video and allow virtual dynamic examination by conversion of the video clip into a 3D model without the presence of the patient.
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